Cboe Europe Equities Liquidity Provider Program

The Cboe Europe Equities Liquidity Provider Program (LPP) has been designed to ensure deep liquidity in securities traded on the Cboe Europe Equities (Cboe) integrated order books. Registered Liquidity Providers post and maintain continuous bid and ask prices for their chosen securities, subject to certain commitments as set out below.

Securities from the following indices become eligible for LPP registration
FTSE 100 OBX  

In the event that a security leaves one of these indices, it will continue to be eligible for the LPP. Additional stocks may be added to the Liquidity Provider Program on application from a Participant wishing to provide liquidity in such stock and the subsequent confirmation by Cboe in its sole discretion that such a stock has been accepted into the LPP.

A list of the eligible securities is available here.

Key Liquidity Provider Commitments

Cboe has three Liquidity Provider Programs. Participants can choose to participate for one or more of these programs. Participants must post and maintain executable quotes on the integrated order book(s) for the chosen securities and complying with the time, size and price requirements, as set out in the table below:

  Required Size * Specified Price % Required Time
Program 1 €5,000 0.25% 80%
Program 2 €5,000 As per RLP commitment 95%
Program 3 None 2% 50%

Features of the LPP

  • A broad range of eligible securities
  • Straightforward application process
  • Ability to select or update registered securities via website login
  • Registered Liquidity Providers (RLP) can either register in a portfolio of their chosen securities or quickly select a specific index or market segment

Benefits for Registered Liquidity Providers

  • Recognition on the Cboe website as a registered liquidity provider, showing your firm’s commitment to providing liquidity
  • Customised reports for registered liquidity providers to track their performance

How to Become a Registered Liquidity Provider

Only direct trading Participants of Cboe are eligible to become registered liquidity providers. The three step process for Participants is:

  1. complete and sign the Liquidity Provider Addendum to the Participant Agreement, agreeing to the terms and obligations of the Program;
  2. choose the securities for which your firm would like to register; and
  3. identify and assign specific trading groups for the LPP.

Current Registered Liquidity Providers

Liquidity Provider CXE BXE DXE
BNP Paribas Arbitrage SNC Yes Yes No
BRED Banque Populaire Yes No No
Citadel Securities (Europe) Limited Yes Yes No
Citadel Securities GCS (Ireland) Limited Yes Yes No
DRW Global Markets Limited Yes No No
Erste Group Bank AG Yes No No
FlowTraders B.V. Yes No No
HRTEU Limited Yes Yes No
Hudson River Trading Europe Limited Yes Yes No
Intermonte Sim SPA Yes No No
Jump Trading Europe B.V. Yes Yes No
Method Investments and Advisory Ltd Yes No No
Optiver V.O.F. Yes Yes No
Qube Master Fund Limited Yes No No
Societe Generale London Branch Yes Yes No
Squarepoint Master Fund Ltd Yes No No
Tower Research Capital Europe BV Yes Yes No
Tower Research Capital Europe Limited Yes Yes No
UG Europe AG Yes No No
UTR8 BV Yes No No
Virtu Financial Ireland Ltd Yes Yes No

Further details of the LPP can be found in the Participant Manual.

Key Documents

Participants who are interested in the LPP and would like to become a registered liquidity provider should review the following documents:

  1. Participant Manual - contains further details about the Program, minimum requirements and definitions.
  2. Liquidity Provider Addendum